The Mirror
2021 Media Kit is now available. Please email publisher@xtra.co.nz if you require a copy.
Business News
Will 2021 be the year of living dangerously?
As the third decade of the 21st century gets under way, we will look back on 2021 as a year when the future of our life on earth balanced on a fulcrum. But which way will we lean? Will we grind out a post-COVID-19 recovery along the lines of the recovery from the last great global financial crisis in 2009 towards a more dangerous future of higher consumption and emissions? Or will policy-makers, politicians, business leaders and civil society summon their collective imaginations, cooperative spirit and willpower to craft stimulus packages and investments that lead to a more sustainable, nature-friendly future? Last year broke yet more of the wrong kinds of environmental records. A peak temperature of 38°C inside the Arctic Circle. Wildfires in the Amazon that spread to the Pantanal, the world’s largest tropical wetland, driving a drought that cost Brazil’s agriculture sector $3 billion. Historic levels of flooding along the Yangtze, affecting 63 million people. More Californian fires to add to the $148 billion of losses from 2018’s fires. A record number of Atlantic hurricanes making landfall. 300mThe estimate of the number of people who live in places where climate-triggered flooding will likely occur by 2050 5xGreenland’s loss of ice when compared with the melt rate 25 years ago 23%The percentage of global climate change emissions that the degradation of ecosystems is responsible for $44tnOr one-half of all global GDP depends on nature and is threatened by its loss 1mThe number of species at risk from extinction Yet amid the storm clouds of grim statistics are some sunbeams of hope. Last year saw a doubling in the number of companies committing to net-zero targets. The election of Joe Biden means the three largest carbon emitters in the world – China, the EU and the US – have all committed […]
Truth decay: when uncertainty is weaponised
From tobacco to food and fuels, industries use denial, deceit and doubt to corrupt. By Felicity Lawrence. The Triumph of Doubt: Dark Money and the Science of Deception David Michaels Oxford Univ. Press (2020) In 2017, US presidential strategist Kellyanne Conway coined the phrase “alternative facts” to defend false claims about the size of the crowd at Donald Trump’s inauguration. Numerous commentators lamented that we were entering a new era of Orwellian doublethink. These are indeed upside-down times, as epidemiologist and former safety regulator David Michaels demonstrates in his excoriating account of the corporate denial industry, The Triumph of Doubt. Unwelcome news is automatically rebranded fake news. Inconvenient evidence from independent sources — say, about climate breakdown and fossil fuels, or air pollution and diesel emissions — is labelled junk science and countered with rigged studies claiming to be sound. But it would be wrong to see truth decay solely as the preserve of today’s populist politicians. Normalizing the production of alternative facts is a project long in the making. Consultancy firms that specialize in defending products from tobacco to industrial chemicals that harm the public and the environment have made a profession of undermining truth for decades. They hire mercenary scientists to fulfil a crucial role as accessories to their misrepresentations. Denial machine Michaels was among the first scientists to identify this denial machine, in his 2008 book Doubt is Their Product. His latest work combines an authoritative synthesis of research on the denial machine published since then with his own new insights gleaned from battles to control the toxic effects of a range of substances. He takes on per- and polyfluoroalkyls, widely used in non-stick coatings, textiles and firefighting foams; the harmful effects of alcohol and sugar; the disputed role of the ubiquitous glyphosate-based pesticides in cancer; and the deadly epidemic of […]
The world of cheap produce and its consequences
By Bee Wilson If you want to make a roomful of people argue with each other, one of the fastest ways is to express any kind of opinion about “cheap food”. To some, it is perfectly obvious that cheap food is an evil that results in underpaid farmers, degraded land and tortured animals. To others, it is equally obvious that cheap food is the great safeguard that stands between poor people and hunger. To this second group, the attacks on cheap food look suspiciously like “And-where-do-you-shop?” snobbery from those who have never known the anxiety of feeding a family on benefits. But to the first group, most of the so-called cheap food in the world is not as cheap as it seems – the concept ignores the high external costs of industrial agriculture. As so often in heated debates, the two sides are arguing about different things. “Cheap food” has many faces, depending on whether you are a producer or a consumer and also whether you happen to have a shopping list in your hand. Food retailers know that it is an unusual customer who does not look favourably on low prices – or “everyday value” as the supermarket Tesco has it. The same was true in Victorian London, where anyone who wanted to buy a pound of strawberries or some onions or a nice fresh herring for the lowest price would get it from a street seller called a costermonger. The word costermonger derives from a kind of large round apple called a “custard” (not to be confused with the Asian fruit the custard apple), but by 1850, these humble pedlars were selling not just apples but almost any edible item that a Victorian could want, from oysters to gooseberries, and from bloaters (a kind of smoked herring) to […]
Delighting in the possible
By Zafer Achi and Jennifer Garvey Berger In an unpredictable world, executives should stretch beyond managing the probable. It is only natural to seek certainty, especially in the face of the unknown.Long ago, shamans performed intricate dances to summon rain. It did not matter that any success they enjoyed was random, as long as the tribe felt that its water supply was in capable hands. Nowadays, late nights of number crunching, feasts of modelling, and the familiar rituals of presentations have replaced the rain dances of old. But often, the odds of generating reliable insights are not much better. Perhaps that is because our approach to the hardest problems—and the anxiety those problems create—is fundamentally misdirected. When most of us face a challenge, we typically fall back on our standard operating procedures. Call this “managing the probable.” In much of our education, and in many of our formative experiences, we have learned that some simple problems have one right answer. For more complicated problems, accepted algorithms can help us work out the best answer from among available options. We respond to uncertainty with analysis or leave that analysis to the experienced hands of others. We look for leaders who know the way forward and offer some assurance of predictability. This way of approaching situations involves a whole suite of routines grounded in a mind-set of clarity if not outright certainty. To that end, they are characterized by sharp-edged questions intended to narrow our focus:What is the expected return on this investment? What is the three-year plan for this venture? At what cost are they willing to settle? But asking these kinds of questions, very often legitimate in business-as-usual settings, may constrain management teams in atypical, complex situations, such as responding to a quickly changing market or revitalizing a privatised utility’s culture. […]
Why COVID-19 shows the future not the end of globalisation
I’ve long been a strong advocate of globalisation but, in 2020, even my own convictions have been momentarily challenged. A virus that knows no borders has “pecked away” at the foundations of the way we live and the way we trade. How long will governments keep borders sealed? Will these physical borders evolve into trade borders and will more governments try to keep the outputs of trade within their own borders? Shortages in vital provisions – such as personal protective equipment and ventilators – have precipitated calls for change. We’ve heard voices demanding a return to domestic manufacturing and the renationalisation of critical industries. We have heard it all. The idea that firms and their products should be treated equally regardless of where they come from is in peril. If these and other thoughts proliferate, trade will cease to flow freely. Countries will become less connected and the cornerstones of the commercial world we’ve become accustomed to will begin to creak and crack. Is this the end of globalization as we know it? Opportunities in disguise I, for one, am not convinced. This pandemic has shown us that global connectedness is in fact not the problem, but the solution. It is simply amazing how quickly the world has adapted to a new way of being. To a large extent, societies have managed to maintain normal life because goods have been delivered to our doorstep. We’ve kept in touch with friends, family and work through digital connections. Thanks to global collaboration, we’re getting closer to finding effective treatments and vaccines for this virus. Adaptable supply chains and access to the global market are helping us soften the economic impact. The benefits of a connected world are visible everywhere. We’ve witnessed huge growth in cross-border e-commerce. Many companies with a global reach […]
Fighting corruption and restoring trust in leadership
As we identify the paths necessary to come out of this compounded COVID-19 crisis and prepare the conditions for a much-needed Great Reset, we must also keep the focus on long-standing challenges that will affect this recovery – most notably the fight against corruption and the search for greater trust and integrity in institutions across social, economic and political systems. We have a unique window of opportunity to get recovery right and create a sustainable society if we put good governance, transparency and accountability at the heart of all efforts and realize “stakeholder capitalism” – an economy that serves the interests of all. Technology has emerged as one of the greatest allies of transparency and a critical tool against corruption.—Børge Brende and Pedro Gabriel Gomez Pensado. Having an uneven playing field impedes economic growth, contributes to social inequality and obstructs innovation, among many other negative effects. It is estimated that the annual costs of corruption at a global level amount to $3.6 trillion. About $1 trillion of that is paid in bribes every year. These amounts can dilute the impact of the approximately $10 trillion that has been pledged and is starting to be deployed as part of the recovery and stimulus packages. But this is not only a story of money. In many cases, the loss of lives can be traced to corruption. Some estimates indicate that about $500 billion of healthcare expenditure is lost to corruption every year. This has an impact on the production and procurement of medicines and medical equipment, jeopardizing their timely delivery where they are most needed. As everyone around the world places their trust and hopes in the production and distribution of a vaccine to defeat the pandemic, we need an effective approach to make sure corruption does not get in the way of an equitable distribution of vaccines. […]
What is green finance and why is it important?
Green finance is blossoming. Globally, the green bond market could be worth $2.36 trillion by 2023. It is regarded as a way of meeting the needs of environmentalism and capitalism simultaneously – but what is green finance and how does it work? At its simplest, green finance is any structured financial activity – a product or service – that’s been created to ensure a better environmental outcome. It includes an array of loans, debt mechanisms and investments that are used to encourage the development of green projects or minimize the impact on the climate of more regular projects. Or a combination of both. Funding sustainable development For the United Nations, green financing plays an important role in delivering several of its Sustainable Development Goals. Its Environment team is already working with public and private sector organisations in an attempt to align international financial systems to the sustainable development agenda. Some of the activities UN Environment is involved in include helping countries re-engineer their regulatory frameworks – so that green borrowing becomes compliant, for example – and helping steer public sector planning in a more environmentally friendly direction. Clean sources of energy can be brought to fruition through the right combination of planning consent, strategic priorities and availability of capital. Such projects could be given preferential treatment to make them a more attractive option than, for example, fossil-fuel derived energy infrastructure. Typical projects that fall under the green finance umbrella include: Renewable energy and energy efficiency Pollution prevention and control Biodiversity conservation Circular economy initiatives Sustainable use of natural resources and land Growing international interest One common green finance instrument is the green bond. There is a code of conduct that defines what constitutes a green bond. To qualify, a bond must adhere to criteria on the use of proceeds, have a process for project evaluation […]
The Inventor
The Inventor: Out for Blood in Silicon Valley depicts Theranos founder and former CEO Elizabeth Holmes as a bewitching sociopath. Holmes wanted to revolutionise health care by providing a simple and cheap way to perform blood tests using only a finger prick. In 2003, she founded Theranos, with a vision of the company’s machines in every home in America. But, as the Wall Street Journal’s John Carreyrou revealed in 2015, Holmes created an intricate web of deception. Even as machines found their way into chemists and were being used by medical insurance companies, they never actually worked. Holmes put patients’ lives at risk and cost investors millions of dollars. The documentary is compelling viewing, but as it enters a very slim field of movies about female entrepreneurs it is worth questioning the impact of the stories we choose to tell. Fall from grace The journey Holmes took from young idol to spectacular failure is a story about systemic issues and the sometimes toxic culture of the world of start-ups. Prior to the scandal breaking, Holmes was celebrated in the media. She was portrayed as a Stanford University dropout with a vision for changing the world. She raised hundreds of millions of dollars from powerful men in a start-up landscape known for its discriminating funding practices.https://www.youtube.com/embed/wtDaP18OGfw?wmode=transparent&start=0 She made the cover of Forbes magazine in 2014 as the world’s youngest self-made female billionaire. Holmes represented a heady mix of tech, science and business. She was the golden girl of the start-up world. This made her fall from grace even more spectacular. But compare Holmes’ portrayal with another well known example of a deceitful male entrepreneur: Jordan Belfort, the “wolf of Wall Street”. Belfort ran an elaborate crime scheme linked to manipulating the stock market and was jailed for 22 months for securities fraud. Nonetheless, his autobiography and Martin Scorsese’s 2013 film adaptation depict Belfort’s story […]
Ten Global Trends Every Smart Person Should Know: And Many Others You Will Find Interesting
by Marian L Tupy and Ronald Bailey Think the world is getting worse? You’re wrong: the world is, for the most part, not getting worse. But 58 percent of people in 17 countries that were surveyed in 2016 thought the world is either getting worse or staying the same rather than getting better. Americans were even more glum: 65 percent thought the world is getting worse and only 6 percent thought it was getting better. The uncontroversial data on major global trends in this book will persuade you that this dark view of the prospects for humanity and the natural world is, in large part, badly mistaken. World population will peak at 8 to 9 billion before the end of this century as the global fertility rate continues its fall from 6 children per woman in 1960 to the current rate of 2.4. The global absolute poverty rate has fallen from 42 percent in 1981 to 8.6 percent today. Satellite data show that forest area has been expanding since 1982. Natural resources are becoming ever cheaper and more abundant. Since 1900, the average life expectancy has more than doubled, reaching more than 72 years. Of course, major concerns such as climate change, marine plastic pollution, and declining wildlife populations are still with us, but many of these problems are already in the process of being ameliorated as a result of the favorable economic, social, and technological trends that are documented in this book. You can’t fix what is wrong in the world if you don’t know what’s actually happening. Ten Global Trends Every Smart Person Should Know is easily to understand providing entertaining access to surprising facts to know how the world is really faring.